BEQUEST

Forever leave your mark on the community

Including a charitable bequest in your will or estate plan allows you to make a gift to Galesburg Community Foundation that will forever leave an impact on your community. Your bequest can be used to establish a special fund that supports broad community needs or focuses on a particular issue or cause that matters to you. Your bequest will benefit the community forever and become part of your personal legacy of giving.

How it works

  • You include a bequest to the Community Foundation in your will or estate plan. We can help you or your attorney with the recommended language.
  • You determine if you’d like to support an existing fund or establish a new fund with your gift.
  • Your charitable gift is excluded from your assets for estate tax purposes.
  • Our professional staff considers your charitable interests and determines the areas of community need that would be most impacted by grants from your gift.
  • Our board issues grants in the name of the fund you supported (if you prefer, grants can be made anonymously).
  • We handle all administrative details.
  • Your gift can be placed into an endowment that is invested over time. Earnings from your gift are used to make grants addressing community needs. Your gift—and all future earnings from your gift—is a permanent source of community capital, helping to do good work forever.

More benefits

Your gift will be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift—and all future earnings from your gift—is a permanent source of community capital, helping to do good work forever.

Types of bequests

  • Specific Bequest – You make a gift of a specific asset, property or dollar amount to the Community Foundation.
  • Percentage Bequest – You make a gift of a specific percentage of your overall estate to the Community Foundation.
  • Residual Bequest – You make a gift to the Community Foundation from the balance of the estate after all other debts, expenses, and other bequests have been paid.
  • Contingent Bequest – If your primary bequest cannot be met (i.e. if the person intended to receive it is no longer living), the asset, property, or dollar amount will be used to make a gift to the Community Foundation.

Sample bequest language

I devise to Galesburg Community Foundation, ___ (describe devise—for example, “Twenty Thousand Dollars” or “all of the residue of my estate,” or “X percent of my estate”) to be used in all furtherance of the charitable purposes of the Galesburg Community Foundation as defined in and subject to the provisions of its Articles of Incorporation and bylaws.

For help with specific bequest language, it is best to connect with Galesburg Community Foundation and your professional advisor.

Other advantages

Making a bequest to the Community Foundation is a simple way to leave a gift to benefit your community or the causes that matter to you after your lifetime. You can decide to create a bequest at any age by adding to an existing will or drafting a new one. In doing so, you leave a legacy to your community while enjoying the assets you need to maintain your current lifestyle. Plus, you are able to distribute some or all of your assets tax-free.

Bequest gifts can include cash, appreciated stocks, or other assets. Some of the most tax-efficient asset types to give through your estate plan come from retirement plan accounts since heirs would be taxes on the income in respect of the decedent (IRD).

Sarah Grant

Let's connect

To learn more about how to include a charitable bequest in your will or estate plan, call Sarah Grant, Director of Development, at 309.344.8898.

Subscribe Now

Haley Sloss

Charitable Giving Coordinator

Short Bio

Haley provides support to enhance the function and success of the Charitable Giving and Affiliate Teams. She ensures donors receive a personal approach to philanthropy through outstanding customer service by supporting charitable giving for donors and fund holders across the state.